Senate GOP tax bill passes in major victory for Trump, Republicans.
All but 1 Republican backed the bill that bestows massive benefits on corporate America.
The GOP succeeded where it failed earlier this year, when efforts to repeal the Affordable Care Act collapsed. The most recent review of the bill by Congress’s nonpartisan tax analysts found that only 44 percent of taxpayers would see their burden reduced by more than $500 in 2019 but that high earners would fare much better than the poor.
Senate Republicans passed a $1.5 trillion tax bill early Saturday morning that bestows massive benefits on corporate America and the wealthy while delivering mixed blessings to everybody else.
After a frantic round of negotiations, Republicans came together in near unanimity behind the landmark legislation. The final vote was 51 to 49, with Sen. Bob Corker (R-Tenn.) the lone GOP holdout. No Democrats voted for the bill.
The measure still has to be reconciled with an earlier House-passed version before being sent to President Trump. Yet in getting the bill through the Senate, Republicans succeeded where they failed earlier this year, when their efforts to repeal the Affordable Care Act collapsed in mortifying fashion.
- Lawmakers received a nearly 500-page bill containing significant changes just hours before a planned vote, prompting an outcry from Democrats.
The party criticized the growth of the deficit under President Barack Obama, but this tax cut would send it to new heights.